english book1 unit4

Unit2   The Synchronization of the World Economy

一，词汇

1. Because the last recession was a full decade ago and the makeup of the U.S. economy has changed dramatically since then, Greenspan and the Fed are even more in the dark than usual as to how this  downturn might play out.

2. Perhaps in the near future, we may comply with internationalization trend to develop Chinese language\culture teaching DVD software, to circulate all over the world and march toward multi-media teaching, to  synchronize  with information computerization. 

3. Since Tom's harassed conscience had managed to drive him to the lawyer's house by night and wring a dread tale from lips that had been sealed with the dismalest and most formidable of oaths, Huck's confidence in the human race was well-nigh obliterated.

4. Lack of diversification –Having decided that you want to put aside some money in an investment portfolio comprising, say, equities, you should always aim to diversify the stocks within your portfolio.

5. Of the numerous economic growth points brought about by  globalization , the development of China's large numbers of small and medium-sized enterprises is of primary importance, noted Fan.

6. When administering quotas, Members shall not prevent importation from being effected in accordance with the issued licences, and shall not discourage the full utilization of quotas.

7. Little by little, living together, two people fall into a sort of  unison, they vibrate so intricately to one another. That's the real secret of marriage, not sex; at least not the simple function of sex.

8. Worse still, the more ignorant Singaporeans may be so contented with the progress we have made that they have become stagnant. They have no idea that compared to what other countries have achieved, our success may be rather insignificant.

9. "Our basic approach is to ask for a substantial down-payment of commitments by China at the moment of entry, combined with an agreed process of reform during a transitional period, so that China can fully align itself to WTO practice in a matter of years.

10. Some argue that more sophisticated entertainment at home will exacerbate antisocial "cocooning" trends, that Internet grocery deliveries will kill off the last comer shops, and that. a "couch potato" generation of children will grow even more obese.

二，完型填空

 

The first era of (1)globalization, like today's, was ushered in by a series of technological (2)breakthroughs. The invention of the steamship and the railroad in the mid-19th century (3)drastically reduced the cost of transportation, while the laying of the first trans-Atlantictelegraph cable in 1866 and the (4)invention of the telephone made it possible to track overseas (5)investments . '‘The biggest revolution was the dramatic improvement in (6)transportation costs,'' Mr. Williamson of Harvard said in a telephone interview. (7)Suddenly it became cheaper to ship wheat thousands of miles from places like Australiaor Canada than for Europeans to produce it in their own backyards.

At the same time, workers left densely populated Europe,  (8)attracted by the cheap land and high wages in the sparsely (9)populated areas of North and South America and Australia.  During this period of relative peace, European governments opened themselves to overseas trade. In 1846 Britain repealed the Corn Laws, which heavily taxed (10)imported  grain, and lowered tariffs on foreign goods. In 1871 Germany joined Britain in adopting the gold standard, and within a decade most major (11)economies followed suit, creating the financial framework for a global trade network. By pegging their currencies to gold, the countries protected investors against (12)fluctuations in the local currency, making foreign investments (13)extremely attractive.

The parts of the world that (14)participated in this vast experiment in classic economic theory were greatly transformed. Europe sent much of its (15) surplus labor to populate the New World and provided the capital to build its infrastructure. The (16) bargain on balance proved mutually (17)beneficial , at least to the countries that were part of the new market. The economies of the United States, Canada, Australia and Argentina grew (18)enormously , but their success had indirect benefits back in Europe. (19)Wages  rose in many parts of Europe as the labor pool became smaller, and living (20) standards in the poorer countries of Europe like Ireland and Norway gradually rose.

三，翻译

The capital account is a record of investment and capital transactions between a country and the rest of the world. The capital inflows or outflows are usually called capital transactions of both long term and short term. Capital inflow shall be recorded as accredit item, while capital outflow shall be recorded as a debit item in the capital account.

资本项目记录一国与世界其他国家之间的投资及资本交易。资本的流入或流出通常称为资本交易，包括长期的和短期的资本流动。资本流入计入资本项目中的贷方，资本流出计入借方。

The capital account covers three sub-accounts: direct investment, portfolio investment and short-term capital. The direct investment usually refers to the establishment of a plant or distribution network abroad. Investors could control or share control over sales, production, and research and development of such a corporation. Direct investment usually means more than 10 percent of ownership.

资本项目包括三个分项：直接投资、有价证券投资和短期资本。直接投资通常指在国外建立一个工厂或销售网络。投资者可以控制或分享控制公司的销售、生产和研究开发。直接投资一般是指拥有10%以上的股权

Foreign portfolio investment covers all international transactions with an original maturity of more than one year, such as the purchase of shares from a foreign corporation. Short-term capital refers to the net change in the country’s international financial assets and liabilities with an original maturity of one year or less. Short-term capital flows include the normal everyday receipts and payments arising out of international trade and finance.

外国有价证券投资包括期限在一年以上的国际交易。比如，购买外国公司的股票。短期资本是指一国的国际金融资产和债务期限为一年或少于一年的净额变化。短期资本流动包括在国际贸易和国际金融中发生的日常收入和支出

There is one account called “Errors and Omissions” in the balance of payments statements. This account takes into statistical errors. Errors and omissions are needed in order to bring the total debits and credits into an arithmetic equilibrium.

    The account of “Official Reserve Assets” includes mainly the gold stock, the stock of foreign exchange in convertible currencies, allocation of Special Drawing Rights and reserve position in the International MonetaryFund.

国际收支平衡表中设有“错误与遗漏”项目。主要考虑到统计上的错误。设立这一项目是为了使整个借方和贷方达到算术上的平衡。

       官方储备资产项目主要包括黄金储备、可兑换的外汇储备、特别提款权的配额及国际货币基金组织的贮备头寸。

 

1. 有些对手会先把你拉低到和他们同等的水平，再靠经验战胜你。(drag down)

Some competitors drag you down to their level and beat you with experience.

2. 她曾一度作为山姆的代表，去分公司帮助解决工作初期出现的问题。(smooth out)

For a while she went, as Sam's representative, to help smooth out initial working problems.

3. 大多数人把这种机器看成是一种玩具而已。(be anything but)

Most people thought this machine would never be anything but a toy.

4.建设这样浩大的输气工程，对中国来说毕竟是第一次，很多人曾经怀疑2005年是否能如期完工。 (gigantic)

  It is the first time for China to undertake such a gigantic project. Many people once suspected whether the project would be completed on schedule?

5. 那么在全球不景气的情况下，中国电信业为何能逆势上扬，实现持续快速增长？(recession)

  Why could China's telecom industry maintain rapid growth in spite of global recession?

6. 全年居民消费价格总水平比上年上涨0.4%，改变了1998年以来连续两年下降的局面。(consecutive)

The consumer price level rose by 0.4 percent, reversing the trend of decline for two consecutive years starting from 1998.

7. 这家公司在计划跟我们的合并时给我们提出了有诱惑力的条件。(merger)

This company gives us a seductive offer on engineering the merger with us.

8. 经济学仍然必须和稀缺相周旋，把稀缺当作生活中一种基本的事实。(contend)

Economics must still contend with scarcity as a basic fact of life.